Final ruling for the OCI postponed to 4 November

Egyptian Tax Authority’s Independent Appeals Committee decided to postpone the final ruling concerning the tax dispute between OCI N.V.’s subsidiary in Egypt Orascom Construction Industries (OCI) and the Egyptian Tax Authority to 4 November, the company said in an official statement.

The construction company previously explained that “this committee was originally reviewing OCI S.A.E.’s tax returns, but the process was terminated in 2012 by the previous administration”.

“Following a number of meetings with the Egyptian government, the tax dispute liability case was referred back to the committee, which held its first session in July 2014,” the company added.

In July, Prime Minister Ibrahim Mehleb met with the company’s CEO Nassef Sawiris, along with the ministers of the cabinet’s economic group, in order to seek a settlement of the tax dispute between Sawiris and the Egyptian Tax Authority (ETA) worth an estimated EGP 7bn.